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Bakkafrost (BAKKA) investor relations material
Bakkafrost Q3 2025 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Q3 2025 earnings summary4 Nov, 2025
Executive summary
Q3 2025 revenue was DKK 1,686 million, down from DKK 1,737 million in Q3 2024, with operational EBIT dropping sharply to DKK 22 million from DKK 173 million year-over-year, impacted by lower salmon prices and biological challenges in Scotland.
Harvest volumes increased in the Faroe Islands by 17.5% to 25,392 tgw, while Scotland's harvest remained stable at 5,286 tgw; total Q3 harvest was 30,678 tonnes, up 14%.
Incident-based costs in Scotland, notably DKK 68 million in Q3 2025 due to disease-related mortality at Portree, significantly impacted results.
Positive operational EBIT was recorded in Fishmeal, Oil & Feed, Freshwater Faroe Islands, Services, and Sales & Other segments.
Major investments in feed and hatchery capacity continue, with a focus on cost reduction and operational improvements.
Financial highlights
Group operational EBIT for Q3 2025 was DKK 22 million (Q3 2024: DKK 173 million); operational EBITDA was DKK 218 million (Q3 2024: DKK 355 million).
Net profit for Q3 2025 was DKK 77 million (Q3 2024: DKK -116 million); YTD net loss was DKK -67 million (YTD 2024: DKK 168 million profit).
Cash flow from operations in Q3 2025 was DKK 245 million, down from DKK 575 million in Q3 2024.
Net investments totaled DKK 311 million in Q3 2025, mainly for capacity expansion; net interest-bearing debt increased to DKK 3,964 million.
Equity ratio at end Q3 2025 was 57% (end 2024: 63%).
Outlook and guidance
2025 harvest guidance is 104,000 tonnes gutted weight (82,000 Faroe Islands, 22,000 Scotland); 2026 guidance is 112,000 tonnes (92,000 Faroe Islands, 20,000 Scotland).
Global salmon supply growth is slowing, with 2025 supply growth estimated below 4% and flattening in 2026; no supply growth expected in Q4 2025.
CAPEX of DKK 5.0bn planned for 2026-2030, targeting 162,000 t harvest volume by 2030, focusing on efficiency and biological risk reduction.
Cost reduction remains a key focus, especially in Scotland, with further improvements expected as new facilities scale up.
Smolt transfer in 2026 expected at 20 million (Faroe Islands) and 10 million (Scotland), with higher average weights.
Scotland: Key drivers for sustained profitability?
FOF: Mitigating blue whiting quota reduction?
Sales: Financial impact of lower contract share?
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Next Bakkafrost earnings date
Q4 20259 Feb, 2026
Bakkafrost
Next Bakkafrost earnings date
Q4 20259 Feb, 2026
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Frequently asked questions
P/F Bakkafrost produces and sells salmon products under the Bakkafrost and Havsbrún brands in North America, Western Europe, Eastern Europe, Asia, and internationally. It offers fresh salmon for human consumption that include whole fish, fillets, portions, steaks and other value-added product lines; frozen products comprising fillets, steaks and minced meat; and downgraded products that comprise minced meat, surimi based fillet sticks incorporating smoked salmon mince, breaded shrimp rings, smoked mackerel fillets/sticks/mince and minced mince. The company was founded in 1968 and is headquartered in Glyvrar, Denmark.
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